基金經理人風險偏好、道德認知發展階段對基金操作績效影響之研究

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Title:	基金經理人風險偏好、道德認知發展階段對基金操作績效影響之研究
Other Titles:	The effect of fund managers’ risk propensity, stage of moral development on mutual funds investment performance
Authors:	楊麗靖;Yang, Li-Chin
Contributors:	淡江大學企業管理學系碩士在職專班洪英正;Hung, Ying-cheng
Keywords:	風險偏好;道德認知發展;操作績效;risk propensity;Stage of Moral Development;investment performance
Date:	2010
Issue Date:	2010-09-23 16:24:08 (UTC+8)
Abstract:	本研究主題為基金經理人風險偏好、道德認知發展階段對基金操作績效影響之研究。李光朗(2007)指出投資者的風險態度對共同基金投資績效具有顯著的正向影響；而柯秋萍(2005)則提到道德發展期對整體職業道德知覺具有顯著影響。基於眾多學者之研究基礎下，本研究欲以此主題做進一步探討與分析。利用文獻探討與統計分析方式，針對國內證券投資信託公司之基金經理人進行研究調查，期透過本研究，探討影響基金經理人操作績效之因素，以及不同人口統計變項對風險偏好、道德認知發展及操作績效間之差異，以提供管理階層提升基金經理人操作績效之參考。本研究採便利取樣之問卷調查法進行研究，研究母體約僅有200名，共發放100份問卷予以抽樣調查，有效問卷共76份。經過因素分析與分群後，本研究將風險偏好型態區分為「積極創新型」、「激進冒險型」、「穩健靈活型」及「保守謹慎型」共四個因素，且另外分群為「低風險偏好」及「高風險偏好」二組；道德認知發展分為「道德發展階段一」、「道德發展階段二」、「道德發展階段三」、「道德發展階段四」、及「道德發展階段五」共五組。研究結果顯示如下： 1.在風險偏好分群及道德認知發展分群之交互作用下，基金經理人不同之風險偏好、道德認知發展階段對共同基金操作績效上會有顯著差異。 2.不同人口統計變項之基金經理人在風險偏好、道德認知發展階段及共同基金操作績效上會有顯著差異。本研究並依據前述研究過程及結果，提出下列建議： 1.建立道德及風險偏好相關評估準則 2.依據基金經理人不同風險屬性，派任操作不同類型基金 3.穩定維持最適之基金管理規模 This research examines whether fund managers’ risk propensities and stages of moral development will influence their performance on mutual funds investment. Li (2007) indicates that investors’ risk attitude had significantly positive effects on the performance of mutual fund investment. Ko (2005) points out that stage of moral development plays a very important role in the occupational moral perception. That is the reason that we want to take this study. Based on the review of relevant literature and analysis of statistical data, which is collected from fund mangers who work at Securities Investment Trust companies. This research investigates two factors that may affect fund mangers’ performance on mutual funds investment, as well as takes variables of population into account to discuss fund mangers’ differences on risk propensities, stages of moral development and performance on mutual funds investment. The findings can provide managerial levels excellent reference for enhancing fund managers’ ability as well as their performance on mutual funds investment. The population of this survey is approximately 200 fund managers. A total of 100 questionnaires are distributed with the convenience sampling method and 76 effective questionnaires are collected. After analysis of all the factors and sample clusters, fund managers’ risk propensities are divided into 4 factors (aggressive and innovative style, radical and adventurous style, moderate style, and conservative style), and two groups (low risk propensity and high risk propensity) by risk. Besides, by the stages of moral development, fund managers are separated into 5 groups including moral development I, II, III, IV, and V. The main results show as follows: 1.Under the cluster interaction of fund managers’ risk propensities and stages of moral development, fund managers differ significantly on their performance of mutual funds investment by different risk propensities and stages of moral development. 2.With fund managers different demographic variables of have significant differences on their risk propensities, stages of moral development and performance of mutual funds investment. The conclusions of this study are listed as below: 1.To establish relevant criteria on assessing fund managers’ moral development and risk propensities. 2.To assign fund managers to work on different types of funds according to their risk propensities. 3.To stabilize and maintain the most suitable scale of fund management.
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